A guide line on how to comply with International Trade Embargo’s
To a greater or lesser extent the international politics are using sanction measurements.
The European Union, the United States and individual countries put in sanctions for violation of international rights, for violation of international human rights or fight against terrorism. Besides weapon embargo’s, freezing of credits, travel- and visa restrictions we see an increasing number of trade restrictions leading to International Trade Embargo’s.
Trade sanctions can apply differently from country to country. Herewith trade sanctions more and more influence the worldwide business life. The three most be found sanctions are pointed on:
1. Specific countries;
2. Specific sorts of products;
3. Certain registered persons, organizations & companies.
Sanction measures are legally stated and as a consequence also applicable on (cargo) insurance.
The working of trade sanctions is also applicable on the insurance policies Atlas has taken out on behalf of their members. In these policies an explanation applies by means of a so called “sanction clause” which clause reads as follows:
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Sanction Limitation and Exclusion Clause.
No (re) insurer shall be deemed to provide cover and no (re) insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover.
Payment of such claim or provision of such benefit would expose that (re) insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.
It is further specifically agreed that this contract excludes absolutely any shipment or exposures to, from, via or within Iran and without qualification any exposures associated with any individual, entity or subject-matter which is subject to any sanction, prohibition or restriction under United Nations resolution or the trade or economic sanctions, laws or regulations of the European Union, the United Kingdom or the United States of America in relation to Iran.
We want to emphasize that this clause is no change in the cover conditions of the policy because on policies without a sanction clause the sanction law is applicable anyway.
Hereunder you will find some more information about trade sanctions:
Trade sanctions and the objectives of trade restrictions could change at all times.
Trade sanctions could have far reaching potential impact for your company. You should be aware of the present local and international trade restrictions. Besides we would advise you to keep an eye on the developments in the field of trade sanctions to minimize future risks.
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For further information you could use a.o. the following websites.
UN Safety Council Sanction Committee
European External Action Service
Association of Certified Sanctions Specialists
Which additional measures you can take to identify international trade sanctions and comply with it?
Consider appropriate due diligence procedures to take care that your company complies with the trade sanctions. Amongst others you can use electronic screening software to detect persons, organizations and companies which are subject to local and international trade sanctions.
The software has been developed to screen data about clients and data of third parties against the various lists of companies and persons which are subject to trade sanctions, as a result of which parties could be identified which are subject to trade restrictions.
A well-known supplier of screening software is LexisNexis: for info ‘click here’
But there are also various other well-known dealers
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Atlas is also taking care of your personal E&O liabilities
But it does not stop here … various members from our network have taken the decisions to conclude also their E&O liabilities via the Atlas insurance brokers. These covers are custom made and subject to the local market conditions of the members but are highly competitive … interested … references required within our family group … let us know … we’ll make it work for you.
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